The
economic development of China and the United States is a focus that cannot be
ignored on the world economic stage. This paper analyzes the situation and
causes of economic imbalances, China and the United States put forward economic
exchanges between China and the United States is not a zero-sum game, the two
countries can be achieved in this kind of interaction and mutual benefit, and
further on the sino-us economic imbalances suggest how to improve the
development of China.

As
the most developed and the largest developing country, the economic and mutual
influence between the United States and China has always been the focus that
cannot be ignored on the world economic stage. With China's economic
development and the slowdown of developed countries, the world economy seems to
be undergoing a slow transition from west to east. The economic imbalance between
China and the United States affects the development of china-us relations.

For
a long time, there has been a marked imbalance between China and the us
economy, which is mainly reflected in the imbalance under the current account.
In sino-us trade, the us current account has a long-term deficit, while China
has a long-term and large trade surplus.

According
to the statistics, the us current account deficit is increasing, while China's
current account surplus is large for a long time. From the trade surplus
between China and the us in 1993 to 2006, the trade surplus between China and
the us reached us $232.55 billion.

The
economic imbalance between China and the United States is reflected in the
trade imbalance, and the core is the current account imbalance. The us trade
deficit with China is mainly caused by trade in goods. According to the us
department of commerce, the trade deficit in goods between the us and China in
2007 reached us $256.69 billion, accounting for 101.85% of the total trade
deficit in goods and services between the us and China. While the trade deficit
in goods has occurred, the trade in services between the us and China has
maintained a surplus.

Economic
imbalance is an objective reality in the economic exchanges between China and
the United States, which has exerted an important influence on the two
countries. On the one hand, China's export to the United States has brought a
boost to economic growth. On the other hand, through trade, the United States
obtains a large number of low-price labor-intensive products, which reduces the
inflationary pressure. Through industrial transfer, the opportunity of
industrial upgrading was obtained, and the domestic industrial structure was
optimized.

The
economic imbalance between China and the United States is the result of a
combination of factors, mainly caused by the following:

In
the past 30 years, Asia's emerging economies have rapidly become an important
source of world economic growth, especially China. Productivity progress and
economic growth have greatly promoted the expansion of foreign export trade.

The
per capita income of the United States is high, the social welfare system is
relatively perfect, and the marginal propensity of residents to consume is
high. In China, by contrast, there is a gap between the developed countries in
terms of overall consumption power, and the propensity of Chinese citizens to
save is high for a long time. Differences in consumption levels and consumption
patterns have caused economic imbalance between the two countries.

For
a long time, the RMB has been depreciating against the us dollar. Only in
recent years has the RMB appreciated against the us dollar. In addition,
China's exports to the United States are mostly labor-intensive products with
low added value, and low prices have further increased the trade gap between
the two countries.

The
developed countries, represented by the United States, actively develop
high-tech industries and service industries and transfer a large number of
processing industries to developing countries. A large number of multinational
companies have invested and set up factories in China, and China has become a
global processing and trade base. In addition to production, some foreign
companies have moved assembly and assembly links to China and then exported
them to other countries. Much of these exports, assembled in China, are also
sold to the United States, increasing the trade imbalance between China and the
United States.

A
variety of factors contribute to the serious economic imbalance between China
and the United States. On the one hand, this imbalance is reflected in the
economic benefits China has gained from china-us exchanges. With rapid economic
development, China has gradually entered the ranks of more developed countries.
On the other hand, the United States, as the world's most developed economy,
has been slow in recent years. Does China's rise mean that America's economy is
in decline? In fact, behind all the hype, economic imbalances lurk big risks to
China's economy.

Along
with economic development, China's foreign exchange reserves and balance of
payments surplus sustained and rapid growth, the appreciation of the renminbi
pressure increases, the yuan appreciation against the dollar in 2005 2. 56%,
2006 appreciation of 3. 35%, 2007 to rise 5. 83%. The expectation of RMB
appreciation has led to the inflow of foreign and hot money into China, and the
surge of foreign exchange reserves has increased the pressure on RMB
appreciation. Excess liquidity has led to high inflationary pressure in the
domestic market.

As
China exports a large number of labor-intensive products to the outside world
and competes with relevant industries of the importing country, some countries
have launched a boycott of Chinese products to protect domestic industries.
After the financial crisis, some countries to pull the economy out of the mire,
do not hesitate to implement the trade protection, including launching
anti-dumping, competition, 337 investigation, etc., also includes the use of
science and technology advantages, set up a harsh environment, technical
standards, form the non-tariff barriers for Chinese products. Such barriers
have created a serious crisis for Chinese products. High dependence on exports
and high barriers have increased the economic influence of the United States on
China and increased the voice of the United States in china-us exchanges.

As
a global industrial receiver, China has access to capital and technology from
developed countries, injecting powerful impetus into economic development, but
also depleting domestic resources. Blind introduction of some high pollution
and high energy consumption investment facing elimination has a good effect in
the short term, but in the long term it has caused serious negative effects in
economic development.

Economic
cooperation between China and the United States is not a zero-sum game. Both
China and the United States are beneficiaries. But there are also hidden
dangers in unbalanced economic exchanges. In order to reduce risks and eliminate
hidden dangers, China should take measures to:

In
the face of the economic imbalances, China has long been export-oriented
development strategy adjustment is necessary, adjustment and transformation
investment ideas, the introduction of high technology content industry and no
environment pollution. When in China foreign economic strategic adjustment
according to the international economy changes, grasp the beneficial to the
principle of domestic economic development and social stability, the implementation
of import substitution strategy, resources and technology introduction,
digestion and innovation, make up for a lack of domestic resources and
technical strength, to be prepared for the export substitution.

Actively
explore domestic market and expand domestic market demand; Reduce foreign
dependence on domestic economy, the government should help enterprises to
actively explore the domestic market, help enterprises to improve the
technology content and promote product upgrading, in order to meet market
demand at home and abroad. Expanding it market demand, the first required to
raise the level of residents' consumption, create consumption capacity, this
requires the government to strengthen regulating income distribution, narrow
the gap between rich and poor, to further improve the social security system,
to lift worries about consumer spending.

To
adjust and optimize the economic structure; For a long time, in the
international division of labor, China relies on the comparative advantage of
labor force resources play a role of "world factory", in the
production of export products for more labor intensive products, this division
of Labour in the early stage of economic development has made a great
contribution, but in an age of science and technology changes, technology and
innovation is the core competitiveness. The Chinese government should help
enterprises to improve competitive advantage, promote industrial upgrading,
improve the conditions of international trade, in the field of technology
intensive and knowledge intensive industry, narrow the gap with developed
countries, improve the position in the international industrial division of
labor system. In the process of industrial undertaking, attention should be
paid to the screening of imported technologies and projects, the introduction
of cutting-edge technologies as far as possible, and the rejection of projects
with high pollution and high energy consumption.

Improve
the ability of independent innovation; as an economic power, if there is no
independent innovation ability and no independent intellectual property rights,
it will be constrained by others. China, for example, has only a 1.8 percent
share of the hundreds of dollars that apple sells for manufacturing in China.
Therefore, China should cultivate its own research and development team,
cultivate the ability of technological innovation, and gradually give the
development of industry a competitive advantage.